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economy st. at risk. it's tuesday, january 15th, 2013 and "squawk box" begins right now. >>> good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. we've been watching the u.s. equity futures and at least at this point you can see they do look like they're indicated to open a little lower. right now, dow futures down by about 16 points below fair value. the s&p futures are about 2 points below fair value. we have some different nebs going on at the top of the screen than we do on that fair value board. we'll check on that, as well. >>> dell is said to be in talks with private companies in reports of a possible guyout. the journal says jpmorgan is involved in the negotiations. dell shares have been soaring near an eight-month high on first word of this news yesterday. you can see up about close to 2% to the premarket sales. 64 is the last dip. in other technology news, facebook is holing a press conference today. no word on what the big
economy st. at risk. it's tuesday, january 15th, 2013 and "squawk box" begins right now. >>> good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. we've been watching the u.s. equity futures and at least at this point you can see they do look like they're indicated to open a little lower. right now, dow futures down by about 16 points below fair value. the s&p futures are about 2 points below...
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Jan 14, 2013
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fuel economy, cafe, and people's driving habits. more conscious fuel economy. we see a small growing small car segment. as p gr as /* people want the functionality that shows their personality and we believe this does that. >> is the bounce back, as far as recovering from the economy and u.s. sales. >> i think the playing field is level. we are starting the year with good inventory. same time last year we didn't have good inventory. this year it is a level play be field. we think we have tail wind as an industry going into the year. age of the car fleet. 11 plus years. all of those things. we think everybody is breaking great new product to market. we think that will stimulate as well. >> you are in california. you are seeing sales way above the national average in terms of increases there. does that pretend that rest of the country follows in 2013-14. >> historically we looked to the coast, california and new york, as bell weathers for the rest of the nation. if that pattern stays true, yes, we think that that result could come across the u.s. and we could get
fuel economy, cafe, and people's driving habits. more conscious fuel economy. we see a small growing small car segment. as p gr as /* people want the functionality that shows their personality and we believe this does that. >> is the bounce back, as far as recovering from the economy and u.s. sales. >> i think the playing field is level. we are starting the year with good inventory. same time last year we didn't have good inventory. this year it is a level play be field. we think we...
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Jan 15, 2013
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debt as well as the global economy. according to rex macy it is. he thinks there's a good chance that risk fears will rise and, therefore, the market will pull back. will that be the moment for investors to get in. good to see you, gentlemen. thanks so much for joining us. what are you expecting in terms of this market 2013? >> sure. well, right now we're at 1472 on the s&p. we think it's going to go marginally higher from here, but it's not going to be a smooth ride. we've got a vix at 13 and change. that's too low. that's where the complacency comes from. you see it there. as we move into the debt ceiling debate, it can be far harder to solve than the taxes, we think the market can be down for a while, and before it comes back up. >> so you're looking for a decline, and perhaps that is an entry point for some. do you agree with that? >> i think any decline is an opportunity to buy, maria. i'm very, very bullish on u.s. equities and one of the main reasons i am the u.s. energy story which i think is a story that's not being told as well as it shou
debt as well as the global economy. according to rex macy it is. he thinks there's a good chance that risk fears will rise and, therefore, the market will pull back. will that be the moment for investors to get in. good to see you, gentlemen. thanks so much for joining us. what are you expecting in terms of this market 2013? >> sure. well, right now we're at 1472 on the s&p. we think it's going to go marginally higher from here, but it's not going to be a smooth ride. we've got a vix...
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Jan 14, 2013
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and what is its impact on the economy and productivity. joining me now is hudson institute senior fellow and former health and human services. nice to have you back. do we have a gauge as to how much this flu will cost the busy con my in businesses? >> unfortunately costing businesses about $10.4 billion. that is real cash it will cost businesses. on the other hand, while businesses need to get work done, they need to be careful not to force people to come to work, spread it, and make it worse. >> a lot of people want it hang on to their jobs. the economy is recovering but we are not back to the best employment yet. a lot of employees feel they have to come in no matter what. >> the truth is, you learned all the things you need to learn in kindergarten. wash your hands well, cough into your sleeve. if you're sick, don't go to sleeve or work. it does put people into a bind and we know it is a tough situation. >> this flu seemed to come earlier than in the past. is that the case? >> we're not sure it is that much worse than other flu seasons
and what is its impact on the economy and productivity. joining me now is hudson institute senior fellow and former health and human services. nice to have you back. do we have a gauge as to how much this flu will cost the busy con my in businesses? >> unfortunately costing businesses about $10.4 billion. that is real cash it will cost businesses. on the other hand, while businesses need to get work done, they need to be careful not to force people to come to work, spread it, and make it...
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Jan 15, 2013
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rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. you name it...i've hooked it. but there's one... one that's always eluded me. thought i had it in the blizzard of '93. ha! never even came close. sometimes, i actually think it's mocking me. [ engine revs ] what?! quattro!!!!! ♪ >>> welcome back to "power lunch." just when you thought he wouldn't channel his inner steve jobs, he has. he's come back to the stage to say one more thing. facebook has a partnership with microsoft's bing. how interesting is that? we'll see what they're doing here. if nothing fits the querrey from the graph search, you can go to the web do a web search on bing, and that is microsoft's key their there. those shares are likely to beive between now and the next couple of hours. even in the afte
rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. you name it...i've hooked it. but there's one... one that's always eluded me. thought i had it in the blizzard of '93. ha! never even came close. sometimes,...
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Jan 15, 2013
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economy as hostages. >> they will not collect our ransom in exchange for crashing the american economy. the financial well-being of the american people is not leveraged to be used. the full faith and credit of the united states of america is not a bargaining chip. and they better choose quickly because time is running short. >> now, house speaker john boehner responded quickly saying house republicans will do the right thing. they will be responsible, they will meet america's obligations and make sure the government does not shut down. he tried to take that specter off the table. but this is a very tough fight that's getting more and more problematic, larry, because the president said he's going to break the habit of crisis-driven fiscal negotiations. if he's going to succeed in that, somebody is going to have to break and it may have to be soon because treasury secretary geithner said this afternoon we could hit the debt ceiling and exhaust all the extraordinary measures he's been taking as soon as one month from now. >> you know, john, 2010, 2011, the 2012 he negotiated. he voted aga
economy as hostages. >> they will not collect our ransom in exchange for crashing the american economy. the financial well-being of the american people is not leveraged to be used. the full faith and credit of the united states of america is not a bargaining chip. and they better choose quickly because time is running short. >> now, house speaker john boehner responded quickly saying house republicans will do the right thing. they will be responsible, they will meet america's...
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Jan 18, 2013
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economy is recovering. the u.s. consumer has delevered, has got more confidence in the system. we're past the election. the u.s. economy is recovering. that's unmistakable. the speed of it still remains to be determined. but we're recovering. china leadership happened. china will support the growth in that economy and they will drive domestic demand. europe is not getting worse. and there are signs of green shoots even in japan at this point. >> all right. >> and then you've got all the brazil and indonesia which are still exciting stories. i feel good about where the world is heading. is it on a bull streak? no. but is it on a firmer footing? yes. as a long-term investor i care about firm footing. >> some day we will go through 15,000 on the dow, and then 16,000. and then 17,000. >> yeah. >> i mean i just wonder is that within the next couple of years? i mean it's about time. it's been -- we went from 800 to 14,000. and we haven't moved from 14,000 in like 10, 12 years. >> my father always says a journey of a thous
economy is recovering. the u.s. consumer has delevered, has got more confidence in the system. we're past the election. the u.s. economy is recovering. that's unmistakable. the speed of it still remains to be determined. but we're recovering. china leadership happened. china will support the growth in that economy and they will drive domestic demand. europe is not getting worse. and there are signs of green shoots even in japan at this point. >> all right. >> and then you've got all...
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Jan 15, 2013
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the companies that moved so aggressively overseas stopped being dragged down by our sluggish economy. the move is in its infancy. they were left for dead in 2012 and are roaring back to life. i think they will gain steam as the wrangling in washington goes on for the rest of the year and beyond. fred in ohio, fred? >> caller: yes, jim. boo-yah. this is fred from ohio. it's a pleasure to talk to you. >> we loved ohio when we went out there last year to see massillon play some other ohio team. we were in that town. >> caller: i've been watching you from day one. >> thank you. >> caller: i want to know what do you expect from pepsi on the first quarter earnings and china and the association with burger king and marketing. what do you think of the first quarter earnings? >> i think the ceo is going to deliver a really, really good quarter. i think that stock -- its emphasis on emerging markets, it's going to do a great job. i would own pepsico going into the quarter. dino in california, dino? >> caller: jimmy. >> yo-yo. >> caller: happy new year. >> happy new year. >> caller: by the way,
the companies that moved so aggressively overseas stopped being dragged down by our sluggish economy. the move is in its infancy. they were left for dead in 2012 and are roaring back to life. i think they will gain steam as the wrangling in washington goes on for the rest of the year and beyond. fred in ohio, fred? >> caller: yes, jim. boo-yah. this is fred from ohio. it's a pleasure to talk to you. >> we loved ohio when we went out there last year to see massillon play some other...
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Jan 16, 2013
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the economy will be picking up. housing likely to get in on it. >> maybe we're actually breaking -- maybe the valuations aren't -- >> based on what? >> come on, under wells fargo? >> michael dell, and suddenly, mr. skeptic -- >> overheated debt market, that's always a good sign for an economy. that's always a sign that things are getting a lot better. >> it's been getting overheated since 1979. >> big lbos. that worked out real well. no, i'm just -- there's housing, sales of pickups. sales of cars in europe for 2012, not so good. we'll talk about that. >> germany, the bmw sales, volkswagen sales. one of my cousins in mexico is near a bmw, new plant. the germans are down. they're buying like crazy. germany business, good. rest of the continent okay. ford cutting back very dramatically. >> boeing, more problems related to the dreamliner. japanese grounded their 787 for safety checks. the national transportation safety board, faa are going to japan to assess that incident. when the first problems arose last week, week
the economy will be picking up. housing likely to get in on it. >> maybe we're actually breaking -- maybe the valuations aren't -- >> based on what? >> come on, under wells fargo? >> michael dell, and suddenly, mr. skeptic -- >> overheated debt market, that's always a good sign for an economy. that's always a sign that things are getting a lot better. >> it's been getting overheated since 1979. >> big lbos. that worked out real well. no, i'm just --...
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Jan 19, 2013
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and they're going to be reflective of a loan environment that's commensurate with a 2% to 3% growth economy. given that we think we'll get our fair share, we'll put some very profitable relationships long-term high-quality relationships on the balance sheet, and at the end of the -- this cycle, we're going to feel very, very good about how our customer business is structured and what that means for long returns. >> bryan, i've got to tell you, this group is going to get hot. i know it has to. and bryan's the chairman, president, and ceo of first horizon national. thank you so much, sir, for coming on the show. >> thank you, jim. thanks for having me. >> we still don't have the confidence. and that's really hurting a lot of the lending in this country. well, look, we get it, these stocks are going to rocket. let's put it that way. fhn, good stock, stay with cramer. >>> coming up -- sweet speck? cramer's got a sweet tooth tonight, and he's hungry for a scrumptious speck. chocolate sprinkles or covered in cream, could this confectionery delight stock make you salivate? stick around to find out
and they're going to be reflective of a loan environment that's commensurate with a 2% to 3% growth economy. given that we think we'll get our fair share, we'll put some very profitable relationships long-term high-quality relationships on the balance sheet, and at the end of the -- this cycle, we're going to feel very, very good about how our customer business is structured and what that means for long returns. >> bryan, i've got to tell you, this group is going to get hot. i know it has...
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so our economy is robust. the oil and gas sector has been doing great. car sales have been doing great. we never had a sub prime problem. so housing starts are back up again to about 75,000 single family permits issued. the main thing is capital will flee a hostile environment. if i were a risk taking entrepreneur in california i would be thinking about heading east to texas. >> i feel a bit dumb because i had no idea of the export power of texas. i probably would have picked california. we'll show a table and what this table says is texas 2011 exports, $251 billion in second place california at $159 billion. that is very impressive. hears what i like the most. go to the next table. it is easy. when i first heard it i said it's obvious because california doesn't maximize natural resources because of the green component. has such a large lobby and presence in california. even if you extract all the exports petroleum and coal products that still leaves you around 200 billion. you're still blowing the competition away. >> yep. isn't that nice? we also have
so our economy is robust. the oil and gas sector has been doing great. car sales have been doing great. we never had a sub prime problem. so housing starts are back up again to about 75,000 single family permits issued. the main thing is capital will flee a hostile environment. if i were a risk taking entrepreneur in california i would be thinking about heading east to texas. >> i feel a bit dumb because i had no idea of the export power of texas. i probably would have picked california....
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Jan 16, 2013
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we'll get an indication of where the economy is going and where it's been. volatility, people also watching apple k. it regain $500, that's been, you know, a lot of chatter here and there. and then on the equities side, 1471.25 on s&p futures the high back a few days ago. if we could break through the level, you will see increased fund flows, more money coming to the market to the long side. and it seems like, you know, i'm really -- surprised because the debt ceiling concern and talks, it's been pretty much nonexistent on the industrial -- >> the markets at fresh five-year highs. >> yeah. it's all because we had the fiscal cliff. and it was so volatile coming into it. we saw some massive swings and massive breakdowns coming into it. it seemed like the market was all over the place. with the debt ceiling, everyone thinks they'll kick the can, raise the debt ceiling up, or get resolved within -- >> that mean the market's at risk? it would seem yes, right? >> see, if you -- my opinion of what will happen is if there's any small breakdown in it, you know, if th
we'll get an indication of where the economy is going and where it's been. volatility, people also watching apple k. it regain $500, that's been, you know, a lot of chatter here and there. and then on the equities side, 1471.25 on s&p futures the high back a few days ago. if we could break through the level, you will see increased fund flows, more money coming to the market to the long side. and it seems like, you know, i'm really -- surprised because the debt ceiling concern and talks,...
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the economy is morrow less back on track. we think there would be more proactive fiscal policies to come action but most of those announcements will come likely in march. >> the new government has made several nods towards urbanization, so we've seen material stocks go higher. investors like to think of china in the growth sector. is that where you see some of the best opportunities at this point? >> we do see a lot of those sectors did run up after the urbanization push and all of the news media coverage around it. we see more details on the exact urbanization probably in march or april, but at this point i think there's numerous ways to go. the obvious interpretation is more infrastructure investment, but other than the, premier to be has been very focused on the social safety net issues as well, saying he needs to migrate more people into the urban areas. you need to provide better health care and better social housing, so don'tunder estimate what we might see. >> another long-term issue is basic manufacturing is starting
the economy is morrow less back on track. we think there would be more proactive fiscal policies to come action but most of those announcements will come likely in march. >> the new government has made several nods towards urbanization, so we've seen material stocks go higher. investors like to think of china in the growth sector. is that where you see some of the best opportunities at this point? >> we do see a lot of those sectors did run up after the urbanization push and all of...
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not only because it's the right thing to do for our economy, and ceos agree with me, not just because it's the right thing to do for our security, but because it's the right thing to do, period. and i believe that eventually, enough republicans in congress will come around to that view as well. >> all right. so you heard the president there. ana, i'll go to you first on this one. what should we expect on immigration? he got so much latino support, something like 70 or 71% of the vote. so what do you think we should expect? >> you know, i'm actually feeling slightly hopeful on immigration. and i haven't felt slightly hopeful for a while. i was just speaking to the gop retreat about immigration, about hispanics and minority outreach. and i felt a real sense of, most of them, i'm not going to say all of them, of really wanting to get something done and coming up with a constructive, bipartisan disagreement solution. i think john boehner is committed to do something. we see a lot of movement going on in the senate. this week we saw that senator marco rubio came out with a plan and is gett
not only because it's the right thing to do for our economy, and ceos agree with me, not just because it's the right thing to do for our security, but because it's the right thing to do, period. and i believe that eventually, enough republicans in congress will come around to that view as well. >> all right. so you heard the president there. ana, i'll go to you first on this one. what should we expect on immigration? he got so much latino support, something like 70 or 71% of the vote. so...
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temperature of the global economy. i'll be thousands of miles away but not going to forget about my job. my fox will be on what role the u.s. plays in the global economy and what 2013 is going to look like to the global business elite because their decisions will have an impact on investment and job creation right here in the united states. if you've got questions you want me to ask, you're unclear how the u.s. fits into the global economy right now, hit me up before i go or while i'm there. and tune in here saturdays as the 1:00 p.m. eastern, suns at 3:00. thanks for joining the conversation here on "your $$$$$" and have a fantastic $$$$$" and have a fantastic weekend. -- captions by vitac -- www.vitac.com >>> a beautiful day on the national mall. hello, everyone. it's 2:00 on the east coast. 11:00 a.m. out west. thank you for joining us. i'm kate bolduan. >> i'm john berman. great to see you here today. we are live in washington, d.c., covering a huge event for this city and a huge event for the entire country. presi
temperature of the global economy. i'll be thousands of miles away but not going to forget about my job. my fox will be on what role the u.s. plays in the global economy and what 2013 is going to look like to the global business elite because their decisions will have an impact on investment and job creation right here in the united states. if you've got questions you want me to ask, you're unclear how the u.s. fits into the global economy right now, hit me up before i go or while i'm there....
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Jan 20, 2013
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we don't do that we will continue to have a low-growth economy with high unemployment. got to get our fiscal house in order. to me that is the biggest of all. >> havens, do you think, given the president any genuine sign they are willing to work with him? >> well, the decision to postpone a fight over the debt limit, that, of itself, was. they saved themselves from themselves, which i believe. but also a recognition the president has the upper hand on some things, can't fight him on everything. republicans need to be smarter. so, that was one sign right there, republicans are doing it. i also think if the senate can pass a birnlgt the house will have to act and then a real test of where the republicans are going to actually compromise at the end of the day. and i was at the republican retreat in williamsburg and i did an address to all house republicans and said your fight is not with john boehner, your fight is with james madison. he wrote this system this is the government we have. if you believe in the constitution, we have division of power. tough work within that t
we don't do that we will continue to have a low-growth economy with high unemployment. got to get our fiscal house in order. to me that is the biggest of all. >> havens, do you think, given the president any genuine sign they are willing to work with him? >> well, the decision to postpone a fight over the debt limit, that, of itself, was. they saved themselves from themselves, which i believe. but also a recognition the president has the upper hand on some things, can't fight him on...
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rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. [ male announcer ] the exclusive air suspension in the 2013 ram 1500. ♪ engineered to move heaven and earth. ♪ guts. glory. ram. the new ram 1500. motor trend's 2013 truck of the year. >>> let's check in with anderson cooper, a look at what's coming up ahead on "a.c. 360." a big interview with mayor bloomberg. >> talking about guns. also, of course, we're following the story of manti te'o, as just about everybody is. it keeps getting weirder. we'll have the latest on the notre dame football star, the shocking story of his fake girlfriend. as you know, he was the victim of a hoax. so why did he still talk about her even after he knew she was a fraud and why didn't notre dame come clean. we're keeping 'em honest. mayo
rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. [ male announcer ] the exclusive air suspension in the 2013 ram 1500. ♪ engineered to move heaven and earth. ♪ guts. glory. ram. the new ram 1500. motor...
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Jan 18, 2013
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how do we move forward and talk about building this economy up bottom up instead of artificially from washington? that's what republicans are talking about. i think you're going to see a very different generation of republican in two years. >> guys, stand -- quickly? >> i was going to say, i wonder when they had that seminar for women whether they talked about not having washington make decisions for them. that would be a step forward for the republican party. >> it's something to talk about and i think they had that one in the ward cleaver room. >> already. stand by for a moment. a moment you've all been waiting for, alec castelannaos is going to do what david axelrod did. take a look at that mustache. that mustache that he's had for, what, 41 years -- that beautiful mustache is about to go but for a very good cause. stand by. push-ups or sprints? what's wrong with fetch? or chase? let's do this larry! ooh, i got it, i got it! (narrator) the calorie-smart nutrition in beneful healthy weight... includes grains and real chicken, because a healthy dog is a playful dog. beneful healthy w
how do we move forward and talk about building this economy up bottom up instead of artificially from washington? that's what republicans are talking about. i think you're going to see a very different generation of republican in two years. >> guys, stand -- quickly? >> i was going to say, i wonder when they had that seminar for women whether they talked about not having washington make decisions for them. that would be a step forward for the republican party. >> it's...
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Jan 19, 2013
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and -- but the economy, we've had a tough four years. and she's known for wearing her fashions over and over again. i wonder whether she'll make a fashion statement and wear a dress she's already worn. >> now that would be a big statement because she certainly hasn't been afraid to do that before. >> exactly. >> let me ask you about something from back from 2008. she wore this lemongrass-colored outfit designed by a cuban american designer actually, isabelle toledo. was that a good choice do you think? is that a good dress for her? >> you know, it was funny because a lot of people had a lot to say about there particular outfit. you know, it was her first term as first lady, as well. and you're out making a statement. now, it was both conservative, yet the color was a little different. you know, it's not necessarily everybody's cup of tea. but the point is, she liked it. and i think that was the statement there, that she was saying, i'm going to be wearing what i like to wear. what i'm comfortable in. and that's what it's about. fashion i
and -- but the economy, we've had a tough four years. and she's known for wearing her fashions over and over again. i wonder whether she'll make a fashion statement and wear a dress she's already worn. >> now that would be a big statement because she certainly hasn't been afraid to do that before. >> exactly. >> let me ask you about something from back from 2008. she wore this lemongrass-colored outfit designed by a cuban american designer actually, isabelle toledo. was that a...
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Jan 19, 2013
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the president inherits the worst economy since the great depression. billions in bailouts save the auto industry and stabilize wall street. where are the jobs? but the star of this show has his enemies, millions of americans turn to the tea party. their mission? stop this president from making fundamental changes, changes they see permanently damaging the u.s. economy. gridlock follows. and the 112th congress passes the fewest bills in 40 years. but in the end, its congressional approval that plunges, now standing at just 14%. the president insisted on higher taxes for the wealthy. part of his campaign designed to cast mitt romney as out of touch. his victory sealed, this president will have a sequel. >> for the united states of america, the best is yet to come. >> the original was a drama. but what the sequel needs is action. to it craft a legacy, this president must bring lawmakers together. cliff after cliff, short-term thinking and political bickering at every turn. dysfunction is ruling washington. but look beyond that and this economy is poised f
the president inherits the worst economy since the great depression. billions in bailouts save the auto industry and stabilize wall street. where are the jobs? but the star of this show has his enemies, millions of americans turn to the tea party. their mission? stop this president from making fundamental changes, changes they see permanently damaging the u.s. economy. gridlock follows. and the 112th congress passes the fewest bills in 40 years. but in the end, its congressional approval that...
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Jan 15, 2013
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what is a drag on the economy is the spending. that is what is hurting hard-working taxpayer right now. and so we need him to join us in this effort. >> at the end of the day, this is going to be a question about public opinion. what makes you think talking about not raising the debt ceiling or shutting down the government, what have you, is a winner in the court of public opinion? >> well, again, we don't want to shut down the government, but in the court of public opinion, people also know that the federal government and the out of control spending is unsustainable. and large majorities of the american people want us to cut spending, to start making the tough decisions, to balance our budgets, start living within our means. the american people, in their own families, they understand that you have to do that. you have to make the tough decisions. you have to get your budget, you've got to put it in order. and they expect their elected officials and their leaders to do likewise. and that's what needs to happen over the next few we
what is a drag on the economy is the spending. that is what is hurting hard-working taxpayer right now. and so we need him to join us in this effort. >> at the end of the day, this is going to be a question about public opinion. what makes you think talking about not raising the debt ceiling or shutting down the government, what have you, is a winner in the court of public opinion? >> well, again, we don't want to shut down the government, but in the court of public opinion, people...
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the economy is, frankly, in shambles. barclay's puts fiscal deficit at nearly 20% of gdp, one of the highest imbalances in the world. total debt has more than doubled since 2008. and that is despite the fact that venezuela has the greatest proven reserves of oil in the world. more than saudi arabia, iran or canada. when hugo chavez first came to power in 1999, oil was trading at $11 a barrel. today, it is trading at $111 a barrel. chavez has presided over the greatest windfall in his country's history. and, yet, venezuela is probably the only petro state in the world where people regularly suffer power outages. infrastructure is crumbling and public security is abysmal. venezuela has one of the worst homicide rates in the world, worse even than colombia, honduras and mexico. venezuelan exports to the u.s. from the start of chavez's rule through 2011 added up to nearly $350 billion. that's iconic for a presidency which marketed itself as anti-american. but even that trend may be reversing. according to a "financial times"
the economy is, frankly, in shambles. barclay's puts fiscal deficit at nearly 20% of gdp, one of the highest imbalances in the world. total debt has more than doubled since 2008. and that is despite the fact that venezuela has the greatest proven reserves of oil in the world. more than saudi arabia, iran or canada. when hugo chavez first came to power in 1999, oil was trading at $11 a barrel. today, it is trading at $111 a barrel. chavez has presided over the greatest windfall in his country's...
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fits into the global economy right now, hit me up before i go or while i'm there. and tune in here saturdays as the 1:00 p.m. eastern, suns at 3:00. thanks for joining the conversation here on "your $$$$$" and have a fantastic $$$$$" and have a fantastic weekend. -- captions by vitac -- www.vitac.com >>> a beautiful day on the national mall. hello, everyone. it's 2:00 on the east coast. 11:00 a.m. out west. thank you for joining us. i'm kate bolduan. >> i'm john berman. great to see you here today. we are live in washington, d.c., covering a huge event for this city and a huge event for the entire country. president barack obama's second inauguration. >> you can just see the beautiful picture behind us. so much going on around the nation's capital this weekend. cnn you can be sure is covering it all. parades, concerts, and religious services all of it leading up to the big main event, president obama's inauguration ceremony coming up on monday highlights of that event, the swearing in, of course, and the inaugural speech. white house correspondent brianna keilar jo
fits into the global economy right now, hit me up before i go or while i'm there. and tune in here saturdays as the 1:00 p.m. eastern, suns at 3:00. thanks for joining the conversation here on "your $$$$$" and have a fantastic $$$$$" and have a fantastic weekend. -- captions by vitac -- www.vitac.com >>> a beautiful day on the national mall. hello, everyone. it's 2:00 on the east coast. 11:00 a.m. out west. thank you for joining us. i'm kate bolduan. >> i'm john...
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that hit markets and the wider economy hard, but it didn't cause interest rates to increase. this time could be different, however, because the rest of the world is getting its act together. even successful businesses like ford are worried. here's what ceo alan mulally told me today. >> i think the most important thing to your point is that we come together around a solution that allows us to live within our means, to reduce our budget deficits, and also to deal with our trade deficits, and create an environment where the businesses can grow in the united states. the most important thing is we come together with a comprehensive solution, not just working one piece or the other, but a comprehensive solution where we can start to grow the economy again for everybody. >> but the order in which we do things matters. first, raise the debt ceiling, allowing america to pay for its bills that it already racked up. then come up with a longer term plan that could put us back in fiscal good health. america's ability to meet its obligations should not be held hostage to an agreement on s
that hit markets and the wider economy hard, but it didn't cause interest rates to increase. this time could be different, however, because the rest of the world is getting its act together. even successful businesses like ford are worried. here's what ceo alan mulally told me today. >> i think the most important thing to your point is that we come together around a solution that allows us to live within our means, to reduce our budget deficits, and also to deal with our trade deficits,...
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and it begins to discolor and distort your very economy. sadly enough, that's where we're headed. >> do you all agree that the extremes on both parties, the right and left, are actually the ones who run the congress right now? start with you, senator. >> there's quite a bit of extremism. i don't need to tell you that, joe. there's very few of us left in the middle. the so-called middle, if you will, has been sh ink aring, shrinking and shrinking. let's talk about follow the money. a lot of the people are on the far left or far right of the extremes of both ends. that's where people get all excited, get involved. either directly or their resources, their money behind in what they believe in. sometimes it draws them further apart. tom brokaw basically says that 75% of all of our congressional districts are bulletproof. so if you're there, and you've already established yourself, whether you're on the right or left, you're pretty well solid. so you only have to play to a certain core. and that's not healthy. and so a lot of changes need to be
and it begins to discolor and distort your very economy. sadly enough, that's where we're headed. >> do you all agree that the extremes on both parties, the right and left, are actually the ones who run the congress right now? start with you, senator. >> there's quite a bit of extremism. i don't need to tell you that, joe. there's very few of us left in the middle. the so-called middle, if you will, has been sh ink aring, shrinking and shrinking. let's talk about follow the money. a...
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but they will not collect a ransom in exchange for not crashing the american economy. >> also, need to tell you the president did speak about his gun violence effort. he's had the package put together by the vice president is on his desk today. and he will talk about it a little later on this week. want to bring in two people here, ali velshi with me from new york, and gloria borger there in our nation's capital, to you both welcome. ali, it has been more than a year since that whole previous debt limit debacle. and i know you are saying, especially comparing this to what we just saw on new year's day with the fiscal cliff, this is going to be much, much worse, much bigger deal. talk to me about what we're debating or as the president puts it not debating? >> what we're debating or not debating is the idea that the debt ceiling in the united states is a very unusual tool, only one other country has it. and it is because what used to happen is whenever the government needed to spend money, particularly when you're in a deficit, the treasury of the united states would ha
but they will not collect a ransom in exchange for not crashing the american economy. >> also, need to tell you the president did speak about his gun violence effort. he's had the package put together by the vice president is on his desk today. and he will talk about it a little later on this week. want to bring in two people here, ali velshi with me from new york, and gloria borger there in our nation's capital, to you both welcome. ali, it has been more than a year since that whole...
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fuel economy has been a good selling point in the corvette. >> final question, does winning these top honors help auto manufacturers sell these cars? >> you know, that's always a big question. the bottom line is yes, they do. they do help auto dealers. it is no guarantee. we have certain seen cars win these awards in the past and then just fail in the marketplace, just for whatever reason they didn't catch on with customers. it helps, but it's certainly not enough to do all about itself. >> peter from cnn money.com. thank you so much. >>> a talk back question for you, what's the best way to honor the newtown victims. you can face book me at facebook.com/carolcnn. >>> we want to take you to baltimore now, it is the johns hopkins summit on gun control. mayor michael bloomberg is speaking. >> including private sales at gun shows and online. these private sales now account for more than 40% of all gun sales nationally, which means that in 2012 alone, there were more than 6 million gun sales that happened with no background checks. many of those guns, being sold are handguns which are used
fuel economy has been a good selling point in the corvette. >> final question, does winning these top honors help auto manufacturers sell these cars? >> you know, that's always a big question. the bottom line is yes, they do. they do help auto dealers. it is no guarantee. we have certain seen cars win these awards in the past and then just fail in the marketplace, just for whatever reason they didn't catch on with customers. it helps, but it's certainly not enough to do all about...
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economy. >> where is the tipping point? i don't know where it is, but when it comes, going to be so swift and so savage. >> reporter: obama's plan proposes $360 billion in cuts to medicaid, medicare and other health programs over the next decade. but because costs in those programs are rising fast, the debt would be $6.4 trillion higher in 10 years. the president's budget also proposes cuts to discretionary and mandatory spending that would save $737 billion over a decade. military spending would be reduced, saving $487 billion. the fiscal cliff bill that congress passed on new year's day would also reduce projected deficits somewhat. higher taxes on households making above $450,000 and other tax increases will raise an additional $600 billion in revenue by 2022. but that's not enough. and as democrats and republicans gear up over the next few months to debate spending cuts, debt limits and the federal budget, there still is not a credible plan out there that puts a serious dent in the debt. but douglas durst still holds ou
economy. >> where is the tipping point? i don't know where it is, but when it comes, going to be so swift and so savage. >> reporter: obama's plan proposes $360 billion in cuts to medicaid, medicare and other health programs over the next decade. but because costs in those programs are rising fast, the debt would be $6.4 trillion higher in 10 years. the president's budget also proposes cuts to discretionary and mandatory spending that would save $737 billion over a decade. military...
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the 2013 ram 1500 with best-in-class fuel economy. engineered to move heaven and earth. guts. glory. ram. the new ram 1500. motor trend's 2013 truck of the year. >> welcome back. we're coming to you this morning live from newtown, connecticut. today marks one month since the tragic shootings that took so many young lives and so many lives overall. vice president joe biden is going to be meeting with the house of representatives, and finalize the recommendations that he'll give based on meetings that he has had with his gun task force and groups across the country. he is expected to recommend a couple of things. universal background checks and limiting high capacity magazines as well as encouraging more research into links between violent media and gun violence. >> first of all, it's sobering to be in this place here at this time. i just want to say that. i think the president is going to be more aggressive here in his second term on this. i mean, gun control is an issue that divides the country very closely. i think almost exactly in half. the reality is that the half of the c
the 2013 ram 1500 with best-in-class fuel economy. engineered to move heaven and earth. guts. glory. ram. the new ram 1500. motor trend's 2013 truck of the year. >> welcome back. we're coming to you this morning live from newtown, connecticut. today marks one month since the tragic shootings that took so many young lives and so many lives overall. vice president joe biden is going to be meeting with the house of representatives, and finalize the recommendations that he'll give based on...
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Jan 21, 2013
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echoes of fdr, a fighting president who also had a long-term stagnant economy. this was a guy who is ready to go to combat, and he said, look, you both were great but i now need your voices. >> alex brings up history. let's check with h.w. brands. he's a professor and author from the university of texas. i'm curious about your viewpoint on this speech from a historical perspective. >> a couple things. i was struck by the fairly combative tone the president took. it's really clear he's not backing down from the fact that he won the election, so he's going to govern because he won. he and the other people in office took the oath to god and his country. he tried to reach over the heads of his opposition by repeatedly calling to the people. fellow citizens, fellow citizens, we need to do this. i think perhaps the most important part of the speech is one that's gone comparatively unremarked so far, and that is his review to his predecessors for what he called his declaration of war and his belief that the united states does not have to seek a policy of perpetual war,
echoes of fdr, a fighting president who also had a long-term stagnant economy. this was a guy who is ready to go to combat, and he said, look, you both were great but i now need your voices. >> alex brings up history. let's check with h.w. brands. he's a professor and author from the university of texas. i'm curious about your viewpoint on this speech from a historical perspective. >> a couple things. i was struck by the fairly combative tone the president took. it's really clear...
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the economy is hurting. the economy is waiting to take off if the president and the senate that is bogging down bills that would free up the economy to go -- if they would get out of the way, this economy would go and people would get to work, wouldn't need unemployment and wouldn't need to beg to the master government, but do it on their own as free people. it's time to get back to following the rule of law. it's time to get back to having a government that doesn't put off the current debt on future generations, because if we don't , our names will not be called blessed by future jean rations. den jations. we will be cursed. it is my prayer that we get to be responsible in the coming months and the only way we can get there is if people are honest about our history. and with that, i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. the chair will remind members to refrain from engaging in personalities towards the president for what purpose does the gentleman from texas
the economy is hurting. the economy is waiting to take off if the president and the senate that is bogging down bills that would free up the economy to go -- if they would get out of the way, this economy would go and people would get to work, wouldn't need unemployment and wouldn't need to beg to the master government, but do it on their own as free people. it's time to get back to following the rule of law. it's time to get back to having a government that doesn't put off the current debt on...
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then with the wreckage of our economy still smoldering and unstable, i asked him to help me put it back together. thanks in large part to his steady hand, our economy has been growing, our businesses have created nearly 6 million new jobs, the money we spend to save the financial system has largely been paid back. we put in place rules to prevent that kind of meltdown from ever happening again. the auto industry was saved. we major taxpayers are not on the hook if the biggest firms fail again. we have taken steps to help underwater homeowners come up for air and open new markets to sell american goods overseas. we have begun to reduce our deficit through a balanced mix of spending cuts and reforms to a tax code that at the time when we both came in was skewed in favor of the wealthy at the expense of middle class americans. when the history books are written, tim geithner is going to go down as one of our finest secretaries of the treasury. [applause] don't embarrass him. [laughter] on a personal note, he has been a wonderful friend and dependable advisor the out these last four years.
then with the wreckage of our economy still smoldering and unstable, i asked him to help me put it back together. thanks in large part to his steady hand, our economy has been growing, our businesses have created nearly 6 million new jobs, the money we spend to save the financial system has largely been paid back. we put in place rules to prevent that kind of meltdown from ever happening again. the auto industry was saved. we major taxpayers are not on the hook if the biggest firms fail again....
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so it is a large and complex economy. i don't know if you want to talk about the broader economy or not, but we can come back to it if you like. we have been seeing some improvement in the labor market. it is still not where we would like to be. growth has been moderate. there are some positive signs to look at. one of the key positives is housing. as you know, house prices fell about 30% and the amount of construction fell extraordinarily over this recession. now for the first time since 2007 or 2006, we see increases in production. rising house prices will affect household wealth. that is what i hope will be a better year in 2013 and 2014. a few other things that are positive, just to point out, is that state and local governments which had been very contraction remote -- great contraction ary mode, they are in better shape than they were. as a result, they will not be a drag on the academy that they have been in the last few years. -- on the economy that they have been in the last few years. energy. consumers are more
so it is a large and complex economy. i don't know if you want to talk about the broader economy or not, but we can come back to it if you like. we have been seeing some improvement in the labor market. it is still not where we would like to be. growth has been moderate. there are some positive signs to look at. one of the key positives is housing. as you know, house prices fell about 30% and the amount of construction fell extraordinarily over this recession. now for the first time since 2007...
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administration and i point out one of the reasons spending was falling as a percentage of gdp was the economy was growing so fast because we had a good fiscal policy that promoted competent and economic growth. if you look at the projections today, we are projecting the retirement of the baby boom and we see more people claiming their benefits. >> i want to get to that projection. it is part of the reality that even if we cut spending in the policies we are making, as we pay the policies that are due, there are areas where spending goes up. i don't think any of us want to be saying people should not be able to collect social security benefits when they are 65. that and medicare for people who are retiring are driving aggregate spending levels. on the discretionary side, we are cutting spending. >> which is why we are baffled you haven't tackled entitlements driving our long-range projections of the cliff. speaking of those long-range projections, i look at the claims you are reducing the deficit in the long term. we have enough trouble projecting 10 quarters and the future without rejecting 1
administration and i point out one of the reasons spending was falling as a percentage of gdp was the economy was growing so fast because we had a good fiscal policy that promoted competent and economic growth. if you look at the projections today, we are projecting the retirement of the baby boom and we see more people claiming their benefits. >> i want to get to that projection. it is part of the reality that even if we cut spending in the policies we are making, as we pay the policies...
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we can grow the economy. the best way to do that is to put american, middle-class workers back to work. to me, every time you talk about stifling the economy through these very aggressive cuts to services and earned benefits, you are not helping the economy grow. the jobs deficit, to me, is the biggest deficit we face. but we have a lot of other challenges. social security medicare are among bashar not among the most immediate challenges. if you ash social security and medicare are not among the most immediate challenges. we have paid some $15 trillion in payroll tax to take care of social security benefits. how much have we actually used in benefits received by all americans? $14 trillion. we have a one dollar trillion -- $1 trillion in cash. all the trillions of dollars we have paid towards this have earned interest to tehe tune of about $1.5 trillion. $2.5 trillion in unused surplus. why should we cover the cost of tax cuts for the wealthy? >> those monies have been tapped for other priorities. >> that is
we can grow the economy. the best way to do that is to put american, middle-class workers back to work. to me, every time you talk about stifling the economy through these very aggressive cuts to services and earned benefits, you are not helping the economy grow. the jobs deficit, to me, is the biggest deficit we face. but we have a lot of other challenges. social security medicare are among bashar not among the most immediate challenges. if you ash social security and medicare are not among...
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it is positive for the economy. >> >> we have two questions left. thank you. just a quick to question on their attitude toward investment towards the united states and an accent and if you think that there is going to be more investment in china. the level playing field of from some of they are and announced positive a by the chinese government at? where is your approach from the take on the going forward? what's i do not have an opinion of that. i have not thought much about that. >> they have the above with the engagements are doing? i think kelly from our industry. they operate on a global perspective and a general view is to allow the market to work. there is no expansions in the marketplace. eddy not think i have given it much thought. klutzy i am sorry we cannot accommodate more stories from the phone. this is the last question. >> there will be sunday nominees for the environmental protection agency and the department of energy. there were a couple of big sites one has part of of some here. the expected to be a fight within the energy and of be a and yo
it is positive for the economy. >> >> we have two questions left. thank you. just a quick to question on their attitude toward investment towards the united states and an accent and if you think that there is going to be more investment in china. the level playing field of from some of they are and announced positive a by the chinese government at? where is your approach from the take on the going forward? what's i do not have an opinion of that. i have not thought much about that....
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we have learned at last to manage a modern economy to assure its continued growth. we have given freedom new reach. we have begun to make its promise real for black as well as for white. we see the hope of tomorrow in the youth of today. i know america's youth. i believe in them. we can be proud that they are better educated, more committed, more passionately driven by conscience than any generation in our history. no people has ever been so close to the achievement of a just and abundant society, or so possessed of the will to achieve it. and because our strengths are so great, we can afford to appraise our weaknesses with candor and to approach them with hope. standing in this same place a third of a century ago, franklin delano roosevelt addressed a nation ravaged by depression and gripped in fear. he could say in surveying the nation's troubles -- "they concern, thank god, only material things." our crisis today is in reverse. we find ourselves rich in goods, but ragged in spirit, reaching with magnificent precision for the moon, but failing into raucous discord
we have learned at last to manage a modern economy to assure its continued growth. we have given freedom new reach. we have begun to make its promise real for black as well as for white. we see the hope of tomorrow in the youth of today. i know america's youth. i believe in them. we can be proud that they are better educated, more committed, more passionately driven by conscience than any generation in our history. no people has ever been so close to the achievement of a just and abundant...
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it will damage our economy. the government is a big part of this economy. it's interesting that a lot of time you have people recognize that when it comes to defense spending. some of the same people say we have to cut spending or complain that government jobs don't do anything, but when it comes to the defense contractor in their district, they think it is an important part of the economy in their district and that we should not stop spending on that. let's just make sure we're not spending on those other people. [no audio] my hope is that common sense prevails. that is always my preference. i think that would be the preference of the american people and it would be good for the economy. let me just repeat. if the issue is deficit reduction, getting our deficit sustainable over time, getting our debt in a sustainable place, then democrats and republicans in congress will have a partner in me. we could achieve that fairly quickly. we know what the numbers are and we know what needs to be done. we know what a balanced approach would take and we have done hal
it will damage our economy. the government is a big part of this economy. it's interesting that a lot of time you have people recognize that when it comes to defense spending. some of the same people say we have to cut spending or complain that government jobs don't do anything, but when it comes to the defense contractor in their district, they think it is an important part of the economy in their district and that we should not stop spending on that. let's just make sure we're not spending on...
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so when the economy goes up, we are doing well. and when consumer confidence goes down we have the roller coaster effect with our tax base. host: an economic overview of your city, where your tax structure comes from and who are your largest employers. guest: it is the largest city in our stated. we're the home to our state capitol, to a large hospital system which is our largest employer and also the army's largest training base in the world. we have a sensitive tax structure that sees 2/3 of our real estate not on our tax. our primary comes from our tax sment and our water that serve it is region. we've watched our unemployment decrease, we've out paced the national economy. last year we saw $1.1 billion in national investment. our focus has been on investing in our urban core and doing it together. a great focus on riegism. >> a question to both of you with debt in this country cities do that by floating bonds which explain how that works in mesa, arrest arrest and what that works for and how it's paid off. guest: we like to say
so when the economy goes up, we are doing well. and when consumer confidence goes down we have the roller coaster effect with our tax base. host: an economic overview of your city, where your tax structure comes from and who are your largest employers. guest: it is the largest city in our stated. we're the home to our state capitol, to a large hospital system which is our largest employer and also the army's largest training base in the world. we have a sensitive tax structure that sees 2/3 of...
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even the threat of default hurts our economy. it's hurting our economy as we speak. we shouldn't be having that debate. if we want to have a conversation about how to reduce our deficit, let's have that. we've been having that for the last two years. we just had an entire campaign about it. and by the way, the american people agreed with me that we should reduce our deficits in a balanced way that also takes into account the need for us to grow this economy and put people back to work. and despite that conversation, and despite the election results, the position that's been taken on the part of some house republicans is that, "no, we've got to do it our way, and if we don't, we simply won't pay america's bills." well, that can't be a position that is sustainable over time. it's not one that's good for the economy now. bes certainly not going to the kind of precedent that i want to establish not just for my presidency, but for future presidents, even if it was on the other side. democrats don't like voting for the debt ceiling when a republican is president, and yet y
even the threat of default hurts our economy. it's hurting our economy as we speak. we shouldn't be having that debate. if we want to have a conversation about how to reduce our deficit, let's have that. we've been having that for the last two years. we just had an entire campaign about it. and by the way, the american people agreed with me that we should reduce our deficits in a balanced way that also takes into account the need for us to grow this economy and put people back to work. and...
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what it takes to sustain mobility, the economy, society. we can't ignore one by taking care of the other. there has to be a package deal. the simpson-bowles commission recognized it had to be part of the package. you have to demand that transportation be part of this overall solution that is put together and get into whether ideas have a better chance of enactment. but what our stance is, if you simply go to the republican caucus and say, let's raise taxes, they'll throw you out of the room. but if you go to them with a proposition, can we reduce the deficit of $150 billion? can we make the program pay its own way and can we sustain jobs and the solvency of the highway trust fund all in one, i think we'll have something to go on. again, thank you so much for the cary award. we value this and i appreciate the recognition and we want to commitment our -- continue our commitment to research and debate opportunity to share with you the thoughts on this idea. what you heard the secretary say is tony, jack and i are headed out the door. jack and
what it takes to sustain mobility, the economy, society. we can't ignore one by taking care of the other. there has to be a package deal. the simpson-bowles commission recognized it had to be part of the package. you have to demand that transportation be part of this overall solution that is put together and get into whether ideas have a better chance of enactment. but what our stance is, if you simply go to the republican caucus and say, let's raise taxes, they'll throw you out of the room....
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and we talk about the book "breakout nations" exploring what makes economies breakout or break down. "washington journal" live at 7:00 a.m. eastern live on c-span. >> now a discussion about legalizing marijuana and federal state relations. colorado and washington state recently legalized the recreation nal use of marijuana but it continues to be illegal under federal law. this brookings event is just over an hour and a half. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2012] >> welcome, everybody. thank you very much for coming. my name is jonathan roush. i'm a guest scholar in governance studies here at brookings. it's very good of you to come on a cold day when so much else is going on in washington. some of you may have heard the two states that legalized marijuana. the news may have trickled out that washington and colorado did this in november. there has been some discussion of the drug policy implication. but today we're going to try to put your heads and ours in a different space and try to think about the power imp
and we talk about the book "breakout nations" exploring what makes economies breakout or break down. "washington journal" live at 7:00 a.m. eastern live on c-span. >> now a discussion about legalizing marijuana and federal state relations. colorado and washington state recently legalized the recreation nal use of marijuana but it continues to be illegal under federal law. this brookings event is just over an hour and a half. [captioning performed by national captioning...